Location: Martin County, KY | Metro: Lawrence County, KY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The median income in ZIP code 41262 stands at $44,107. This figure provides a benchmark for understanding the financial capacity of typical households in the area. However, without specific market rate data, it's challenging to definitively assess the affordability gap for renters. What we do know is that the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $910.
Given that the market rate data is currently unavailable, let's consider the implications of the FMR on local affordability. At an FMR of $910, a household earning the median income would likely find it difficult to cover housing costs without assistance. Typically, housing expenses should not exceed 30% of a household's income to be considered affordable. In this case, 30% of the median income amounts to approximately $1,103 per month. This suggests that the FMR is below the affordability threshold, indicating a potential reliance on housing vouchers.
The ZIP code has a relatively low rental rate of 10.9%, which means that only a small portion of the 993 residents are renters. This low percentage could imply a competitive landscape for landlords, where attracting tenants might require offering rents closer to the FMR to be within reach of voucher recipients. The limited number of renters also indicates that there may be fewer opportunities for cash-paying tenants who can afford higher rents.
For landlords considering their strategy, focusing on properties that align with the FMR of $910 could make them more attractive to voucher holders. Given the median income and the potential affordability issues, it's clear that many households will rely heavily on government assistance to pay rent. Landlords should prepare to navigate the process of accepting housing vouchers if they wish to remain competitive in the local rental market.
The takeaway is that landlords in ZIP code 41262 must balance the benefits of accepting vouchers against the administrative complexities involved. While vouchers ensure steady, government-backed payments, they also come with certain requirements and regulations. Landlords who can accommodate these needs while keeping rents around the FMR will likely have a better chance of securing tenants in a market where financial constraints are significant.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.